The Two New Credit Scores You Must Check

Pre-recession 2007, credit was far less controversial and headline-grabbing as it is today. Credit standards were lax and there was a lot to go around, and people were more unconcerned of their credit score. Since then, the standards for credit scores have toughened and consumers are much more aware of the significance of that three digit number.

Today, we enter a new generation of credit scores, when managing your credit health means more than just checking one three-digit number.

Why So Many Scores?

There are many, different credit score models available from different lenders, credit bureaus, and credit score providers. Each has a different formula or algorithm, but every model uses your credit information to assess your creditworthiness to influence lending decisions. Full article…

Mar 24, 2012 No Comments by Jamie Zeal
Tags: Credit Credit Scores

Your Debt Questions, Answered!

Debt Repayment Strategies

Q: What is the best way to analyze your full indebtedness? Basically, what do I need to do as far as homework to prepare myself for making the payments I need to, to get out of debt?

A: A great place to start is to get a copy of your consolidated credit report. Each credit bureau report contains some different creditors. I prefer a single consolidated credit report versus a different report from each of the three major credit bureaus because a consolidated report makes it so much easier to read and compare what is reported.

The consolidated credit report and any statements and bills you get in the mail will give you the most complete picture of who you might owe.

Full article…

Mar 20, 2012 No Comments by Alice Galvin
Tags: Debt Debt Questions

Problems with Mortgage Companies’ Credit Reporting

Mortgage loan companies and mortgage servicing companies do not always accurately report on consumers’ credit history after such events short sales, foreclosures, and payment modification plans.

In a short sale a lender allows the home owner to sell for less than the amount owed on the mortgage. Effective July 15, 2011, an owner selling a house or apartment building with four or fewer units in a short sale will not owe the lender a deficiency balance (Civil Code Section 580e). Therefore, after a short sale, the lender should not report the consumer owes any money on the mortgage loan.

If a purchase money lender forecloses on four or fewer units, the lender may not seek a judgment for the deficiency balance. Civil Code Section 580b. This law applies to both 1st and 2d mortgages. Any post-foreclosure report to the credit bureaus should make clear that the former home owner is not subject to a lawsuit and judgment.

Full article…

Mar 17, 2012 No Comments by Jamie Zeal
Tags: Credit Credit Reporting

Interest Rates on Many Student Loans Set to Double This Summer

College students might notice a considerable uptick this summer in the interest rates of their loans. A recent article in The New York Times explains that the current interest rate for federal student loans, 3.4% to be exact, will be doubled to 6.8% in July 2012. Specifically, the hike in interest rates would affect students who took out federally subsidized Stafford loans under through the federal government. Stafford loans are issued per academic year to students in significant financial need; in their freshman year alone students can take out up to $3,500.00 in federally subsidized Stafford loans. Considering the large sums allotted to college students through these loans, the pending interest rate increase could have a dramatic effect on recent college grads already strapped for cash.

Why the sudden jump in student loan interest rates?

Unfortunately this increase has been planned for a long time.

Full article…

Mar 16, 2012 No Comments by Erin Donnithorne
Tags: Interest Rates Summer

Financial Experts Reveal Their Outlook For 2012

Positive thinking is a powerful tool. And a new survey shows the majority of financial professionals are optimistic about economic growth in 2012. Accounting Principals polled finance professionals about the coming new year and found most are thinking positively, but they’re still cautious.

Of those polled, 67% expressed that they believe their company will land new business in the coming year. Sixty percent say they’ll be expanding into new markets and more than half say they’ll invest more resources into new products. “We find it very reassuring that financial professionals – the people who hold the purse strings of American business – believe companies are headed in a positive direction in 2012,” said Janette Marx, senior vice president, Accounting Principals in a news release. “These findin

Full article…

Mar 12, 2012 No Comments by Erin Donnithorne
Tags: 2012

The HelloWallet App for Finance

By aggregating all of your accounts, your paychecks and your debts, HelloWallet is able to show you what you have in the bank, what you have left to pay for the month, and then what you have available to spend. No more guessing or balancing books-this app does it all for you.

Further, it breaks down how you spendwhat youve spent on gas for the month, groceries, coffee, etc. It even tracks how much you spend at particular stores and businesses throughout the year so you know just how much your lunchtime paninis add up to over the year.

On average, users save about $300 in their budget within the first month. Check the iTunes app store for pricing information.

If you need help saving money each month, be sure to contact a financial adviser like those at Nationwide Consumer Debt Relief.

Full article…

Mar 12, 2012 No Comments by Alice Galvin

Why Warren Buffett’s Prescription Will Not Work for Retirees

In a Fortune article titled “Why Stocks Beat Gold and Bonds,” Warren Buffett provides a glimpse of his upcoming shareholder letter.

While Buffett’s advice is perfect for investors who have a long-term perspective, anyone near or in retirement may want to think twice about acting on the prescription.

The core of Buffett’s advice is as follows:

  • Full article…

Mar 09, 2012 No Comments by Jamie Zeal
Tags: Warren Warren Buffetts
Mar 06, 2012 No Comments by Admin
Tags: Account First Savings First Savings Account Savings Account
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